GDF Annual Report 2019-2020
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Reduce Your Taxes DONATE IRA ASSETS
TO THE GREEN DRAGON FOUNDATION
TURN YOUR REQUIRED DISTRIBUTIONS INTO CHARITABLE DONATIONS
The Qualified Charitable Distribution (QCD), also known as the
“Charitable IRA Rollover,” continues to be a tax-savvy way to
give for those who qualify. If you’d like to give to help provide
educational opportunities for Lewisburg students, the QCD can
help you leverage your support—and minimize your taxation.
To support Lewisburg students by making a QCD, you must:
• Be 70 ½ years or older at the time of the gift.
• Have a traditional or Roth IRA.
• Transfer funds, not exceeding $100,000 per year,
directly from your IRA to GDF.
Benefits include:
• Gifts make an immediate impact by advancing GDF’s mission.
• Gifts count toward your required minimum distribution
(RMD), now beginning at age 72.
• Gifts are not included in, and therefore not taxed as, income
for federal tax purposes.
• Gifts simulate an itemized income tax charitable deduction
for nonitemizers.
• Gifts can be directed to support the annual fund, educational,
cultural or athletic programs.
HOW CAN I MAKE A QUALIFIED CHARITABLE
DISTRIBUTION TO SUPPORT GDF?
QCDs are easy; a simple letter of instruction to your IRA
administrator begins the process. We will provide one for
you, or you can visit the GDF website at:
www.greendragonfoundation.org to download and print
the IRA form and instructions to share with your IRA
account administrator.
NEW LAW: NO REQUIRED MINIMUM
DISTRIBUTIONS IN 2020!
As a part of the CARES Act, Congress has temporarily
eliminated most required minimum distributions (RMD) from
retirement plans during 2020. Check with your financial advisor
to see how this might affect you. Even without an RMD, a QCD
remains a great way to make tax advantageous contributions.
IT’S IMPORTANT TO CONSIDER YOUR TAX SITUATION
BEFORE DECIDING WHETHER TO MAKE A CHARITABLE
CONTRIBUTION FROM YOUR IRA. BE SURE TO WORK
CLOSELY WITH YOUR FINANCIAL REPRESENTATIVE OR
TAX ADVISOR TO DETERMINE WHETHER THIS KIND OF
GIFT IS RIGHT FOR YOU.
This information is not meant as tax or legal advice. Tax laws are complex and subject to change.
Please consult a professional tax advisor to determine how this law affects your situation.
Lewisburg still has a place in my heart.” The couple is deeply rooted
in Lewisburg and the Lewisburg Area School District. Bob’s brother,
Tom, who is deceased, and his wife, Donna Baker, were in the Class of
1961. Bob’s father, Dr. E.G. Degling, moved to Lewisburg after World War
II and was a leading founder of Evangelical Community Hospital. Bob
noted, “As the town doctor, he gave the annual physicals to Lewisburg
school students.”
According to Bob, when he was about to head off to Penn State, he
had doubts whether his schooling was on par with other schools, and
wondered if he would be at a disadvantage. He stated, “I didn’t graduate
first in the Class of ’58, but I did graduate first in my college class and I
received the top CPA score in the state of Pennsylvania.” He continued,
“I mention this, not to brag, to illustrate that Lewisburg schools were
always top-notch and the GDF assures it stays that way!”
TO EXPLORE THE BENEFITS
OF A PLANNED GIFT,
PLEASE CONTACT
The Green Dragon Foundation
at (570) 522-8433
or by email at
annglock@greendragonfoundation.org
THE GREEN DRAGON FOUNDATION ANNUAL REPORT 2019-20 7